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TheStreet Open House

Tenaska Closes $450 Million Financing For Second California Solar Project

Stocks in this article: FSLR

OMAHA, Neb., June 13, 2014 /PRNewswire/ -- Leading U.S. independent energy provider Tenaska closed $450 million in commercial financing today for Tenaska Imperial Solar Energy Center West, a 150-megawatt (MW) photovoltaic solar electric generating plant near El Centro, California, and Tenaska's second utility-scale project in the region.

Tenaska Imperial West will be the 17 th power generation project Tenaska has developed, financed and constructed, and its second solar facility. The company has approximately 5,000 MW of natural gas-fueled and renewable projects in pre-financing development, including more than 250 MW of solar power in Imperial County, California, and the 800-MW, natural gas-fueled Tenaska Brownsville Generating Station in Texas expected to begin commercial operation in 2017. In business since 1987, Tenaska has raised more than $13 billion in capital through bank facilities, capital market transactions, corporate facilities and equity, supporting approximately 9,000 MW of U.S. projects.

"We have a 27-year history of taking power projects from concept to reality and delivering them on time and within budget," said David Kirkwood, Tenaska vice president and treasurer. "Now we're leveraging our experience developing natural gas-fueled power plants for solar electric generation. Tenaska Imperial Solar Energy Center West's oversubscription and successful financing demonstrate the strength of the project."

An affiliate of Tenaska developed Tenaska Imperial West and before that Tenaska Imperial Solar Energy Center South, a 130-MW, utility-scale solar plant also near El Centro in Southern California's Imperial Valley. Tenaska Imperial South began commercial operation Nov. 1, 2013.

Tenaska plans to begin construction on Tenaska Imperial West later in 2014, with commercial operation expected in 2016. Like Tenaska Imperial South, Tenaska Imperial West will provide clean, renewable energy to San Diego Gas & Electric Company (SDG&E) under a 25-year power purchase agreement via SDG&E's Sunrise Powerlink transmission line.

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